Bill Gurley: The Crash Won’t Close The IPO Window

Bill Gurley Benchmark Capital

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Just because the market is crushing the stock prices of some recently public tech companies like LinkedIn, that doesn’t mean tech IPOs are going to come to a slamming halt.At least not according to venture capitalist Bill Gurley, who has been in the business long enough to see several big market crashes.

Earlier today, Geoff Yang of Redpoint Ventures tweeted that “The sound you just heard was the IPO window slamming shut.”

Gurley responded that he disagrees “because great companies don’t need a ‘hot window,’ only shitty ones do.” He named Yelp (in which his firm Benchmark has a stake), Dropbox, and Facebook as companies that could go public tomorrow and still find overwhelming demand.

In other words, there are plenty of private tech companies with great fundamentals — customers, revenues, growth — and they will still win out. But companies that were hoping to go public with promises and concepts probably won’t be able to pull the trigger now.

See also: Bill Gurley Explains How Twitter Will Rule The World And Why Groupon Won’t.